Closing of 20% Acquisition in ISAB
LUKOIL INCREASED ITS STAKE TO 80 % IN JOINT VENTURE
TO OPERATE ISAB REFINING COMPLEX
LUKOIL completed an acquisition of 20% in the joint venture to operate the ISAB refining complex located in Priolo (Sicily).
Thus, LUKOIL’s stake in the joint venture increased from 60% to 80%.
The transaction amount was EUR 400 million, excluding inventory.
As reported earlier, in January 2012 ERG’s Board of Directors resolved to sell a 20% stake in the joint venture to LUKOIL. This is a partial exercise of ERG’s option to sell its stake according to the agreement of 2008 to create a joint venture.